Cognizant Technology Solutions (NASDAQ:CTSH) Shares Fairly Valued Says Barclay (NYSE:BCS)

Cognizant Technology Solutions (NASDAQ:CTSH) should have a good 2011, says Barclays (NYSE:BCS), but the share price of the stock already reflects that, and there isn't much upside in the near term.

Barclays noted, "CTSH enjoyed strong momentum in 2010, with shares rising 62% during the year (vs. the S&P 500 up 13%). While we continue to believe fundamentals are shaping up for a very solid 2011, at 28x CY 2011 EPS, we now consider shares fairly valued even considering the company's above-average growth prospects. Accordingly, we are reducing our rating."

Barclays downgraded Cognizant Technology Solutions from "Overweight" to "Equal Weight." Cognizant closed Friday at $75.09, down $0.42, or 0.56 percent